SIMPLE AND COMPOUND INTEREST

The simple interest formula is  $I=PRT$ . What does the T represent?

• Principle

• Interest

• Time

• Percent Rate

Tags

CCSS.7.RP.A.3

Write the percent as a decimal.

4.3%

• 4.3

• 0.43

• 0.043

• 4300

The compound interest formula is:
 $S=P\left(1+i\right)^n$ 
 What does the S represent?

• The amount of interest earned.

• The amount of time that has passed.

• The total amount of money after a certain amount of time.

• The amount required to invest.

David invests RM10,000 in a savings account that pays 3.5% simple interest. If David makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

• RM2,450

• RM11,750

• RM12,450

• RM10,245

Tags

CCSS.HSF.BF.A.2

Mr. Farid paid RM1,020 in simple interest for a loan, which was given to him at a rate of 5% for 3 years. How much money did he borrow originally?

• RM5,400

• RM6,800

• RM3,240

• RM14,620

Tags

CCSS.7.RP.A.3

Ms. Cornelius earns RM11.25 each year on an investment. What is the rate of simple interest if her initial amount invested was RM750?

• 6.7 %

• 66.7 %

• 1.5 %

• 15 %

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%. What is the total amount she will repay for the car loan?

• $504000

• $5040

• $23040

• $18000

Tags

CCSS.HSF.BF.A.2

You borrowed RM59,000 for 2 years at 11% which was compounded annually. What total will you pay back?

• RM65,490

• RM1,363.90

• RM72,693.90

• RM73,793.90

Tutty won RM3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?

• RM4915.59

• RM3933.28

• RM2979.81

• RM4005.09

Principal: RM5000

Interest Rate: 3.75%

Time: 25 years

Compounded Monthly

State the future account balance.

• RM12712.31

• RM12,749.30

• RM12,657.59

• RM12550.84